The Board of Directors of PMW wishes to announce that PMW, together with PMW Winabumi (Sarawak) Sdn. Bhd. (formerly known as Winabumi (Sarawak) Sdn. Bhd.) ("PMWWS"), currently, a wholly-owned subsidiary of PMW had, on 8 April 2026, entered into a Share Subscription and Shareholders' Agreement ("Agreement") with Sarawak Timber Industry Development Corporation ("STIDC") whereby STIDC will subscribe for 20% ordinary shares and redeemable preference shares ("RPS") in PMWWS.

In reference to the prospectus issued by PMW on 28 October 2025, PMW had indicated the plan to establish a new facility to manufacture spun poles and piles in Tanjung Manis, Sarawak ("Tanjung Manis Facility") and STIDC wishes to participate in the development of the Tanjung Manis Facility through equity involvement.

Upon further discussion and negotiation between PMW and STIDC, both parties agreed that STIDC will participate by holding a 20% equity interest in PMWWS, the entity incorporated primarily to facilitate and manage the Tanjung Manis Facility. Both PMW and STIDC had also agreed that this does not constitute a joint venture arrangement, as PMW shall at all times retain control over PMWWS.

The Agreement also entails STIDC's alienation or transfer of a parcel of land measuring approximately 11.72 hectares in Tanjung Manis, Sarawak, which will be deemed as consideration for the share subscription in PMWWS.

Please refer to the attachment for further details.

This announcement is dated 8 April 2026.